This week the Financial Services Authority (FSA) fined bond brokers Investment Services UK Limited (ISUK) and its managing director for failing to have the necessary anti-money laundering systems and controls in place. Businesses need to heed this warning, especially considering the firm’s managing director was also fined £30,000. Equifax plc, anti-money laundering expert, has developed a range of online anti-money laundering services to help businesses protect themselves and comply with FSA regulations.
Sue Woods, Head of ID Services, Equifax plc explains, “ISUK was fined £175,000 by the FSA for conducting its business without due care, which is an expensive lesson to learn. In addition, the FSA fined the managing director, which should make business owners everywhere sit up and take note. The FSA holds senior managers responsible for managing their firm’s risks, which puts them right in the firing line if they don’t take action.”
In direct response to the growing pressures facing businesses Equifax offers a suite of electronic anti-money laundering solutions. Equifax AML Online provides an extensive range of checks on individuals and businesses for instant customer ID validation, all easily and conveniently available through online reports.
Sue Woods concludes, “As the FSA continues to use enforcement powers to clamp down on money laundering issues, it is essential that businesses protect themselves and comply with regulations. AML Online helps businesses guard against the financial, legal and regulatory pressures imposed by money launderers and terrorist financiers. It also gives organisations all-important protection from the threat of fines, and the adverse publicity associated with such action, if they do not adhere to the latest Anti-Money Laundering regulations. Equifax continues to develop its anti-money laundering services to ensure our customers remain compliant and secure the future of their business – those
